Business

Why N-power Beneficiaries Should be Retained Permanently

Published

4 years ago

September 24, 2020

N-power Beneficiaries Must and Should be Retained Permanently

Poorly paid with little to zero job securities and economic provisions, thousands of Nigerian graduates and non-graduates continue to enroll for the social investment program, N-power, established by the Federal Government in 2016 to alleviate poverty and support the vulnerable.

However, two years later the program is experiencing a downturn with the government planning to throw beneficiaries (batches A and B) of the program back into the street despite the nation’s unemployment rate at a record high of 27.1 percent.

Participants, proudly referred to as beneficiaries by the government and its agents, have had to endure delays in inhumane stipends that can barely meet their daily needs to undefined or uncertain exit package plans for the participants of the program.

Despite all the limitations faced by volunteers, supervisors in schools and other places of assignments have said N-power beneficiaries played key roles in addressing a lot of their existing challenges and on numerous occasions and they have occasioned a new growth direction.

According to a Senior Special Adviser to the President on job creation, “What we have found out is that they are filling a lot of gaps in some places like schools, where they do not have enough teachers.In some schools where the N-Power are posted to, you discovered that it is only the principal and some NYSC members that are teaching students, the Npower teachers have helped to compliment their efforts.”

In Ekiti, a 34-year-old veteran teacher explained that “If not all of them, a majority of the N-Power teachers have mastery of the subject matter. They have not been found wanting also in the theoretical aspect of teaching. Especially the way they make use of teaching aid in classes; and that is actually very impressive.

“There is one of them who is a Physics teacher now, we have to keep deploying from one class to the other just because we don’t have adequate teachers to cover those classes.

“The one that is taking Christian Religious Knowledge is a born teacher, who is very efficient and very punctual in her classes.”

Another principal of Government Secondary School in Daurawa, Kano, Haliru Inuwa, said the eight N-power teachers posted to his school since December 2016 have been saving grace for both himself and the students.

He said “We have eight beneficiaries of N-Power posted to my school here.”

“Most of them are handling core science subjects which most of the schools in Kano state are lacking generally. Yes, subjects like Mathematics, English etc. To our surprise, and against the earlier concern raised that they might not perform well in teaching, the N-Power volunteer teachers are not only committed to their teaching, but are also punctual,” he added.

These much were achieved in spite of the poor salary and working conditions. Graduates and non-graduates of the N-power program have exceeded expectations and raised the bar of dedication and service to the people.

The Nigerian government, just like the private sector operators, continues to take advantage of the high unemployment rate it created to exploit supposed high demand services. What does one expect? when they have been undermined from the onset as ‘privileged beneficiaries’ even with the pivotal role they played in the economy.

N-power volunteers, Batch A and B, as promised are to be absorbed into permanent job positions and their salaries and working conditions reviewed to further enhance their commitments and impacts across the board.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Business

APM Terminals in Talks with Government for Terminal Upgrade in Apapa

Published

2 days ago

May 4, 2024

Samed Olukoya

APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

Business

Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

Published

2 days ago

May 4, 2024

Samed Olukoya

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

Appointments

Exxon Mobil’s $1.28 Billion Asset Sale to Seplat Energy Set for Approval, Ending Two-Year Wait

Published

2 days ago

May 4, 2024

Samed Olukoya

After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator.

The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction.

Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during which they will discuss the final steps towards approval.

He expressed optimism, stating, “Subject to the outcome of the meeting, consent… could be given in less than two weeks from the date of the meeting.”

According to Komolafe, NUPRC will present the companies with two mutually exclusive options, the acceptance of which would pave the way for the deal’s approval.

While he didn’t delve into specifics, he emphasized that Nigerian law mandates provisions for decommissioning, host community development, and environmental remediation.

“We don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities,” Komolafe asserted, underscoring the importance of responsible asset management.

The $1.28 billion sale holds immense significance for Nigeria’s oil industry, which has faced challenges stemming from underinvestment and security concerns in recent years.

With oil majors like Shell and TotalEnergies divesting from onshore shallow water operations due to security issues, regulatory approval of the Exxon-Seplat deal could inject much-needed capital into the sector.

Analysts view the impending approval as a potential catalyst for improved oil output in Nigeria. Moreover, it could serve as a positive signal to investors, paving the way for similar deals in the future.

The regulatory clearance of Shell’s asset sale to Renaissance in January has further bolstered expectations regarding the viability of such transactions.

As Nigeria looks to revitalize its oil sector and attract investment, the imminent approval of Exxon Mobil’s asset sale to Seplat Energy marks a significant milestone, bringing an end to a prolonged period of uncertainty and setting the stage for renewed growth and stability in the country’s vital energy industry.